Materials

Hudbay Minerals Inc. (HBM) options and signal

Figures as of 28 Sep 2026

HBM is Hudbay Minerals Inc., a Materials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	9 of 100	28 Sep
At the money IV	53.3%	28 Sep
Priced move to 16 Oct	11.4% down, 11.8% up	28 Sep
Call wall and put wall	30 and 25	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	26.87	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

HBM's IV rank is 9 of 100 on 28 Sep 2026.

Figure	Value
IV rank	9 of 100
At the money IV	53.3%, near month, 18 days
Put/call ratio, open interest	0.42
Call open interest, strikes captured near the price	23,800 contracts
Put open interest, strikes captured near the price	10,100 contracts
Cost to trade at the money	Wide, 49.3% of the option's mid price

IV rank is where the at the money IV sits among HBM's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, HBM options priced a move of 11.4 percent down and 11.8 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	11.4%	11.8%	23.80 to 30.05
20 Nov 2026	53	22.5%	23.2%	20.83 to 33.11
15 Jan 2027	109	29.4%	30.4%	18.97 to 35.03
16 Apr 2027	200	40.9%	42.4%	15.87 to 38.27

The range is one standard deviation either side of the close of 26.87, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, HBM's call wall is the 30 strike and its put wall is the 25 strike.

Figure	Value
Call wall, most open call gamma	30
Put wall, most open put gamma	25
Flip strike, where net gamma changes sign	23.93
Net dollar gamma, calls minus puts	$453,438
Total dollar gamma, both sides	$1.1 million
Close	26.87

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, HBM's at the money IV is 53.3 percent against 20 day realized volatility of 51.8 percent.

Figure	Value
At the money IV	53.3%
Realized volatility, 20 trading days	51.8%
Realized volatility, 60 trading days	59.0%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	678, from 3 Aug 2012
Weeks the price moved more than the one week priced move	14.2% of 233 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, HBM's at the money IV runs from 53.3 percent at 18 days to 57.1 percent at 200 days.

Days to expiry	At the money IV
18	53.3%
53	60.9%
109	55.6%
200	57.1%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, HBM's IV ten percent below the price sits 0.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	61.1%	+0.1 points
At the money	60.9%	0.0 points
10% above the price	60.5%	-0.4 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, HBM's surface spans 4 expiries out to 200 days, with IV from 56.4 to 61.1 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	4
Lowest IV among them	56.4%
Highest IV among them	61.1%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, HBM has 4 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	53.3%	5,634	1,419
20 Nov 2026	53	60.9%	9,555	6,165
15 Jan 2027	109	55.6%	7,974	2,315
16 Apr 2027	200	57.1%	685	168

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, HBM's largest open interest sits at the 25 strike, with 8,698 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
25	5,256	3,442	8,698
35	7,483	60	7,543
30	6,472	340	6,812
22.5	999	2,687	3,686
20	308	2,724	3,032
40	2,592	1	2,593

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, HBM's at the money IV moved from 52.3 percent to 53.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	52.3%	53.3%	+1.0 points
Open interest, strikes captured near the price	32,986	33,915	+929
Put/call ratio, open interest	0.44	0.42	-0.02

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 1,302 HBM option contracts traded, 1.2 times its own recent average.

Figure	Value
Calls traded	1,175
Puts traded	127
Against its recent average	1.2 times
Busier than	10 of its last 15 trading days
Open interest, whole chain	34,877 contracts
Volume to open interest	0.04
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 24 trading days of HBM's option positioning, from 18 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
18 Aug 2026	26.41	$815,839	30	25
14 Sep 2026	25.63	$300,795	25	25
28 Sep 2026	26.87	$453,438	30	25

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of HBM was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	26.95, the swing high of 1 Sep 2026
Level below the close	24.64, the swing low of 14 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull call spread (buy a call spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 HBM sat at the 73rd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	98 of 100	Bullish
20 trading days	96 of 100	Bullish
45 trading days	73 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 2 of 3 timeframes put HBM on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 HBM had carried no signal for at least 5 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	73 of 100
24 Sep 2026	None	84 of 100
23 Sep 2026	None	70 of 100
22 Sep 2026	None	63 of 100
21 Sep 2026	None	56 of 100
11 Sep 2026	None	86 of 100
10 Sep 2026	None	74 of 100
9 Sep 2026	None	83 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

HBM closed at 26.87 on 28 Sep 2026.

Figure	Value
Last close	26.87
Change over 5 trading days	+0.8%
Change over 21 trading days	-11.5%
Change over 63 trading days	+13.5%
Change over 252 trading days	+92.5%
52 week high	32.15
52 week low	13.91
20 day moving average	26.99
50 day moving average	26.36
200 day moving average	24.31
RSI, 14 days	50

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

HBM reports next on 29 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	29 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 29 Jul 2026	+0.9%
Move after the report of 30 Apr 2026	-1.3%
Move after the report of 28 Jan 2026	-0.6%
Move after the report of 12 May 2025	+8.0%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 17 Septembers on record, HBM's average change was plus 3.1 percent, and it rose in 52.9 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+3.1%	+0.9%	52.9%	17
October	+2.9%	+0.8%	58.8%	17
November	+9.2%	+3.7%	52.9%	17

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 3 headlines naming HBM in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
Latest	29 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is HBM's IV rank?: HBM's IV rank is 9 of 100 on 28 Sep 2026.
What move are HBM options pricing?: On 28 Sep 2026, HBM options priced a move of 11.4 percent down and 11.8 percent up by 16 Oct 2026.
Where are HBM's call wall and put wall?: On 28 Sep 2026, HBM's call wall is the 30 strike and its put wall is the 25 strike.
What was the desk's latest view of HBM on the Free plan?: On 25 Sep 2026 the desk's view of HBM was bullish, paper trading.
When does HBM report earnings next?: HBM reports next on 29 Oct 2026, a date worked out from past quarters.

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